Ann: Change in substantial holding, page-8

Comparison with National Vet Care, which has ~60 clinics owned and revenue of ~$82M per year, Greencross has ~180 clinics with revenue of ~$210M per year. NVL has a market cap of $148M now. Considering that Greencross is ~3 times NVC, just the vet clinic alone that Greencross has, shouldn't it be worth circa ~$400M excluding the retail portion of the company? So, the market is valuing GXL's retail division at less than $70M today? Interesting to understand how the market is pricing stuff...